Analyzing the internationalization of large companies from small countries requires understanding the process of internationalization by examining the interface between micro (firm strategies) and macro (the forces of centripetal and centrifugal) level factors. We examine the growth and international expansion of the ten largest companies in Denmark, Finland, and Norway over the period 1990 to 1999. Most companies in the sample became more international during the last decade across basically all the investigated dimensions of internationalization. This was particularly accentuated in the case of Norwegian firms, possibly due to their lower degree of internationalization at the beginning of the period. The study also shows that companies mainly have internationalized their operations activities, while such strategic activities as research and development activities and headquarters functions to a much larger extent are kept in the home country.